Trump supports stimulus payments larger than $1,200 in next stimulus bill, he tells Fox Business News

Comment by Jim Campbell

July 1st, 2020

The United States has run a deficit since[Source]

When the Debt Was Actually Paid Off.

Andrew Jackson, seventh president of the U.S., felt that running deficits were immoral, and carrying debt weakened the nation.

By 1835, less than six years after assuming office, Jackson paid off the entire national debt by curtailing government spending and selling off federal lands.

This is the only time in U.S history that the country’s total debt was completely paid off.

The end of the Obama reign now allows for an overall assessment of taxes, spending, and deficits during his years in office.

The analysis in this paper begins with the 10-year budget baseline that Obama inherited in January 2009 and measures subsequent tax and spending changes through the January 2017 baseline released as he left office.

The data come from more than 20 Congressional Budget Office baseline updates over the administration’s eight years, supplemented with the line-item scores of approximately 110 major bills that Obama signed into law.

Key Findings

  1. The cumulative 2009–19 budget deficits are set to end up at $8.93 trillion—$4.6 trillion higher than projected for the same time period when Obama took office.
  2. The economy grew more slowly over this decade than was projected in 2009. Yet far from deepening the budget deficits, the slower economic recovery and technical changes saved $400 billion over the decade relative to the January 2009 baseline, as lower tax revenues were offset by lower interest payments on the national debt, the result of recession-dampened interest rates.
  3. New legislation cost $5.0 trillion over the 2009–19 period. However, $4.1 trillion of this “cost” came from basic extensions of expiring taxes including the Bush-era tax cuts. Economic stimulus added $2.0 trillion in spending, and discretionary spending caps and mandatory sequestrations saved $800 billion.
  4. The Affordable Care Act reduced the 2009–19 budget deficit by $275 billion, as its tax increases and Medicare cuts exceeded the cost of new health benefits. But the health law has made balancing the long-term budget more difficult by using most of the tax increases and Medicare cuts to finance a new entitlement rather than deficit reduction.
  5. Virtually all net spending increases during the Obama administration were enacted during 2009–10, when Democrats controlled Congress. During the following six years, with a Republican House and eventual Republican Senate, $889 billion in net spending cuts were enacted, excluding legislation that simply extended expiring policies.
  6. Obama leaves behind a budget with higher entitlement spending, lower discretionary spending, and (temporarily) lower net interest costs than originally projected. The ballooning national debt leaves taxpayers liable for exorbitant debt service costs when interest rates return to normal levels.
andrew-jackson-horse

Andrew Jackson named one of his favorite horses, Sam Patch, after one of America’s first celebrities.

Never heard of Sam Patch? Well, the original Sam Patch — a daredevil — certainly had his 15 minutes of fame.

The end of the Obama presidency now allows for an overall assessment of taxes, spending, and deficits during his years in office.

The analysis in this paper begins with the 10-year budget baseline that Obama inherited in January 2009 and measures subsequent tax and spending changes through the January 2017 baseline released as he left office.

The data come from more than 20 Congressional Budget Office baseline updates over the administration’s eight years, supplemented with the line-item scores of approximately 110 major bills that Obama signed into law.

Obama spent more money in real dollars than all the presidents before him.

  1. The cumulative 2009–19 budget deficits are set to end up at $8.93 trillion—$4.6 trillion higher than projected for the same time period when Obama took office.
  2. The economy grew more slowly over this decade than was projected in 2009. Yet far from deepening the budget deficits, the slower economic recovery and technical changes saved $400 billion over the decade relative to the January 2009 baseline, as lower tax revenues were offset by lower interest payments on the national debt, the result of recession-dampened interest rates.
  3. New legislation cost $5.0 trillion over the 2009–19 period. However, $4.1 trillion of this “cost” came from basic extensions of expiring taxes including the Bush-era tax cuts. Economic stimulus added $2.0 trillion in spending, and discretionary spending caps and mandatory sequestrations saved $800 billion.
  4. The Affordable Care Act reduced the 2009–19 budget deficit by $275 billion, as its tax increases and Medicare cuts exceeded the cost of new health benefits. But the health law has made balancing the long-term budget more difficult by using most of the tax increases and Medicare cuts to finance a new entitlement rather than deficit reduction.
  5. Virtually all net spending increases during the Obama administration were enacted during 2009–10, when Democrats controlled Congress. During the following six years, with a Republican House and eventual Republican Senate, $889 billion in net spending cuts were enacted, excluding legislation that simply extended expiring policies.
  6. Obama leaves behind a budget with higher entitlement spending, lower discretionary spending, and (temporarily) lower net interest costs than originally projected. The ballooning national debt leaves taxpayers liable for exorbitant debt service costs when interest rates return to normal levels.
Trump backs work incentives as part of next stimulus bill - Reuters

Trump’s Deficits Are Racing Past Obama’s [Source]

Obama said he wants money to get into people’s pockets so they can spend it.[Source]

Barack Obama waves as he boards a Marine helicopter during a departure ceremony on the East Front of the U.S. Capitol in Washington, Friday, Jan. 20, 2017, after President Donald Trump was inaugurated. (AP Photo/Evan Vucci)

Obama’s Parting Gift: Trillion-Dollar Deficits As Far As The Eye Can See [Source]

Trump’s Deficits Are Racing Past Obama’s [Source]

By Brittany De LeaFOXBusiness

President Trump, in an interview with FOX Business’ Blake Burman, addresses his support for another round of coronavirus stimulus and incentivizing Americans to return to work.

President Trump supports another round of economic impact payments to individuals, he told FOX Business on Wednesday.

Trump told FOX Business’ Blake Burman that he supported the measure as part of another stimulus package, so long as it “done properly.”

“I support actually larger numbers than the Democrats, but it’s got to be done properly,” Trump said.

“I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a noncomplicated fashion.”

SENATE PASSES BILL TO EXTEND PPP APPLICATION DEADLINE FOR SMALL BUSINESSES

The Democrats have advocated for another round of $1,200 payments, indicating Trump would like to see checks in excess of that amount.

The president also mentioned he wants the next round of stimulus to create a “great incentive to work,” referring to the $600 bump in unemployment benefits implemented as part of the CARES Act.

Republicans have since criticized the measure as a deterrent for unemployed individuals to seek out new employment.

Some Democrats are looking to extend the measure beyond its scheduled expiration in July.

The administration has backed what it calls a “back-to-work bonus” as an alternative, which would provide an incentive for individuals to reenter the marketplace.

UNEMPLOYED IN FOCUS AS LAWMAKERS CONSIDER NEW STIMULUS BILL

On Tuesday, Senate Majority Leader Mitch McConnell, R-Ky., said that a potential phase four-bill would be approved this month – before Congress leaves for recess in August.

Also on Tuesday, lawmakers in the Senate approved a bill with unanimous consent to extend the time that business owners have to apply for a loan under the Paycheck Protection Program.

Trump threatens to veto a defense spending bill if it requires renaming bases honoring Confederate generals. The Republican controlled Senate called his bluff.

He can still veto the Senate’s vote, but it is not a time for the Republicans to go soft on the president.

Elizabeth Warren Introduces Plan to Dismantle Racist Zoning

Socialist, Elizabeth Warren put the amendment together.

THE END

About JCscuba

I am firmly devoted to bringing you the truth and the stories that the mainstream media ignores. Together we can restore our constitutional republic to what the founding fathers envisioned and fight back against the progressive movement. Obama nearly destroyed our country economically, militarily coupled with his racism he set us further on the march to becoming a Socialist State. Now it's up to President Trump to restore America to prominence. Republicans who refuse to go along with most of his agenda RINOs must be forced to walk the plank, they are RINOs and little else.
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1 Response to Trump supports stimulus payments larger than $1,200 in next stimulus bill, he tells Fox Business News

  1. PvtCharlieSlate says:

    Any stimulus funds that I receive will be invested in precious metals.
    Guess which metals.

    Like

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